4,362 posts
ITEP Launches Local Tax Team
• By ITEP Staff
Contact: Jon Whiten (jon@itep.org) For decades, the Institute on Taxation and Economic Policy (ITEP) has played a role in shaping equitable and sustainable tax systems at the federal and state level. From the beginning, we have collaborated with advocates, policymakers, and others to advance policies that can foster expansive, inclusionary, and racially equitable tax systems. […]
Maine Center for Economic Policy: Impacts of Proposed Income Tax Rate Reduction
• By ITEP Staff
House and Senate Republicans are demanding income tax cuts be part of the budget, and Democrats in the legislature were right to make sure they didn’t have the tools to threaten a state shutdown to get them. As the legislature prepares to pass a current services budget to avoid a stalemate in June that could […]
Time: No One Is Talking About What Ron DeSantis Has Actually Done to Florida
March 29, 2023
Media coverage of Florida Gov. Ron DeSantis’s all-but-announced candidacy for president is already in full frenzy, and so far the script is exactly as his handlers would like it to be. Read more.
Oregon Center for Public Policy: How to Pay (PAE) for It? Enact Complete Reporting
• By ITEP Staff
Making Oregonians more economically secure requires investing in our well-being: housing, education, child care, and more. One fair way to pay for these investments is to fight corporate tax avoidance by enacting complete reporting. Read more.
OpenSky Policy Institute Webinar: Data Shows Child Tax Credits Benefit Hardworking Families
• By ITEP Staff
New evidence on child tax credits at the federal level has shown “stunning” results in lifting children out of poverty throughout the country and a state-level policy could continue that momentum, benefiting a broad range of families, panelists including ITEP State Policy Director Aidan Davis said in a February 8 webinar.
Race-Conscious Tax Policy Discourse is Shifting the Conversation About the Tax Code
• By Brakeyshia Samms
As we look ahead to what comes next in our journey to a more race-conscious tax policy debate, it’s worth reflecting on how we got here and what we’ve learned along the way.
Washington State Supreme Court: Opinion Upholding Capital Gains Excise Tax
• By ITEP Staff
In 2021, the Washington Legislature enacted a capital gains tax, levied at a rate of seven percent on the sale or exchange of certain long-term capital assets. Read more. (See pages 4 and 11 for ITEP citations)
Deseret News: Biden Wants to ‘Tax the Rich.’ Does a Tax Hike Make Sense?
March 23, 2023
The U.S. had about 720 billionaires at the start of his presidency, President Joe Biden said in his State of the Union speech. “Now we have about 1,000,” he said. He went on to unveil his administration’s proposal to increase taxes on wealthy Americans — to include millionaires and billionaires — to fund other government […]
Costly and Poorly Targeted Senior Tax Subsidies Widen Economic, Racial, and Generational Inequalities
• By ITEP Staff
Contact: Jon Whiten – jon@itep.org Costly and Poorly Targeted Senior Tax Subsidies Widen Economic, Racial, and Generational Inequalities State lawmakers should focus on improving overall tax fairness, not creating special carveouts based on age Lawmakers in several states are currently considering tax subsidies for senior citizens, even though these breaks are costly and poorly targeted. […]
Massachussets Budget & Policy Center: Taking Measure of the Governor’s Tax Plan
• By ITEP Staff
Governor Healey’s tax relief proposal would reduce state revenue available for future investments by $986 million annually. Three proposed tax credits would be progressive, meaning the benefits for lower-income households would be a larger percent of their income than the benefits for higher-income houseolds..1 The Governor also proposes two highly regressive tax cuts, meaning richer, higher-income households would receive […]
Effects of President Biden’s Proposal to Expand the Child Tax Credit
• By Joe Hughes
In his latest budget proposal, President Biden proposes enhancing the Child Tax Credit (CTC) based on the temporary credit that was in effect for 2021 as part of the American Rescue Plan Act. In this report we analyze how that proposal would help children and families.
Policy Matters Ohio: Testimony on HB 1 Before the House Ways and Means Committee
• By ITEP Staff
This bill proposes a substantial rewriting of Ohio’s property and personal income taxes. It is an overly complicated, poorly designed bill that does not achieve what the sponsor claimed it would. It represents a massive wealth transfer from Ohio’s communities to a wealthy few. It is based on unsound economic reasoning and, if passed, it […]
Worried About the Debt? Tax the Rich
• By Amy Hanauer
As one of the most prosperous countries in human history, we have enough resources for our collective needs. By better taxing corporations and the wealthiest, we can generate revenue to improve family security, strengthen our communities, and reduce the debt too.
Kansas Legislators’ War on the Poor Opens Worrisome New Front: School Vouchers and Tax Avoidance
March 13, 2023
Kansas legislative leaders have declared war on the poor. They have pushed bills penalizing those receiving government assistance through the House Welfare Reform Committee. They have advocated a flat tax plan that benefits the wealthy at the expense of everyone else. We have watched these proposals unfold in recent weeks, watched and heard the disdain. Yet the war has […]
Vox: Biden’s Plan to Tax the Rich, Explained
March 10, 2023
Billionaires in the US pay a tiny proportion of the wealth they accrue in taxes compared to the cut ordinary Americans pay from their wages. Now, President Joe Biden wants that to change: His just-unveiled budget for fiscal year 2024 contains a tapestry of tax hikes with a laser-beam focus on billionaires, multi-millionaires, and large corporations, all aiming to […]
MarketWatch: Biden’s Tax Hikes for the Rich are Unlikely to Pass. The Bigger Debate: Trump-era Tax Cuts that End in 2025.
March 10, 2023
For five years, most Americans have seen lower income-tax rates and tapped a bigger standard deduction, but without congressional action before the end of 2025, the rules could still revert to levels set long before the pandemic blindsided households and inflation raged. Read more.
ITEP Statement: President Biden Lays Out a Bold Vision for Tax Justice in Proposed Budget
• By ITEP Staff
President Biden’s budget proposal presents a bold vision for what tax justice should look like in America. The provisions would raise substantial revenue, fund important priorities and increase tax fairness.
Politifalse: A Fact-Checker Does Biden an Injustice on Taxes Paid by Billionaires
• By Michael Ettlinger
Most Americans pay more in Social Security and Medicare payroll taxes than they pay in federal personal income tax. So just looking at the personal income tax for comparison misses most of the taxes middle-income Americans pay. That is not true for billionaires because a much, much smaller proportion of their income is subject to the federal payroll taxes.
Louisiana Illuminator: Private School Tax Credit is a ‘Charitable Facade’ for the Rich, Study Says
March 9, 2023
A new study found that Louisiana’s private school voucher tax credit is siphoning money from public education and serving as a tax shelter for the wealthy rather than encouraging charitable donations. Read more.
Los Angeles Times: Wall Street Journal Tells Us to Weep for the Plight of the Very, Very Rich
March 8, 2023
Coverage of the richest Americans in publications aimed at their tax bracket tend to fall into two genres. One is stories claiming that income well into six figures doesn’t make them really “rich.” The other involves hand-wringing and whining about their (purportedly) ruinous tax bills. An editorial last week in the (of course) Wall Street Journal may […]
The Why: Matt Gardner on Corporate Tax Avoidance
March 7, 2023
Lured by Promises of Financial Gain, Wealthy Families are Flocking to Voucher Tax Shelters and Eroding Public Education in the Process
• By ITEP Staff
Contact: Jon Whiten – jon@itep.org Lawmakers in several states are discussing enacting or expanding school voucher tax credits, which reimburse individuals and businesses for “donations” they make to organizations that give out vouchers for free or reduced tuition at private K-12 schools, as a new brief released today by the Institute on Taxation and Economic […]
Scripps News: How Billionaires and Corporations Avoid Taxes
March 7, 2023
Across the U.S., some of the nation’s top earners have a toolbox full of mechanisms to build wealth. Read more.
OpenSky Policy Institute: Policy Brief: Consumption Tax
• By ITEP Staff
The consumption tax proposal in LB 79 would require a rate of 22.1 percent to be revenue neutral, OpenSky analysis conducted with the Institute on Taxation and Economic Policy finds. This rate is nearly three times greater than what is proposed in the bill. Further, OpenSky estimates that if the consumption tax were to be […]
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